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Elliott Forecast

Eric Morera

Elliott Wave View: Oil Looking for Further Pullback

April 1, 2022 By

Short Term outlook in Oil suggests the decline from March 7, 2022 is unfolding as a . Down from March 7 peak, wave (W) ended at 93.53 and rally in wave (X) ended at 116.64. Internal subdivision of wave (X) unfolded as a double three. Wave W ended at 106.28 and dips in wave X ended at 102.30. The commodity then resumes higher in wave Y towards 116.64 which completed wave (X). It has since turned lower in wave (Y) although a break below wave (W) at 93.53 is required to validate the view.

Down from wave (X), wave (i) ended at 108.68 and rally in wave (ii) ended at 114.12. Oil then resumes lower in wave (iii) towards 102.83, rally in wave (iv) ended at 107.84, and final leg lower wave (v) ended at 98.44 which completed wave ((a)). Correction in wave ((b)) is proposed complete at 108.75 with internal subdivision as a zigzag structure. Up from wave ((a)), wave (a) ended at 106.74, wave (b) ended at 104.55, and wave (c) ended at 108.75. Near term, while below 108.75, and more importantly below 116.64, expect further downside in Oil.

Oil 45 Minutes Elliott Wave Chart

Oil Elliott Wave Video

Source:-forecast.com/news/elliott-wave-view-oil-looking-pullback/

#elliottwave #trading #oil

01/04/2022 1 EN

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Elliott Forecast

Elliott Forecast

Elliottwave-Forecast.com (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients. ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, Cycles, Proprietary Pivot System, we provide precise forecasts with up-to-date analysis for 52 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary Actionable Trade Setups, Market Overview, 1 Hour, 4 Hour, Daily & Weekly Wave Counts. Weekend Webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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Eric Morera

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